Notable Mergers and Acquisitions of the Day 07/05: (WAG) (ASUR) (GAIN)
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- Walgreen Co. (NYSE: WAG) entered into an agreement to purchase a regional drugstore chain in the mid-South region of the United States from Stephen L. LaFrance Holdings, Inc. and members of the LaFrance family.
The transaction includes 144 stores currently operated under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse stores located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma and Tennessee.
The chain recorded sales of $825 million in 2011.
The transaction is subject to satisfaction of regulatory requirements and other closing conditions, and is expected to close around Sept. 1, 2012. Walgreens currently expects that the transaction will not have a material impact on earnings per share in fiscal year 2012.
- Asure Software, Inc. (Nasdaq: ASUR) acquired PeopleCube, of Framingham, MA. PeopleCube has enabled the deployment of a high-quality, flexible workplace and the ability to plan, schedule, measure and analyze space and resource utilization to attain new levels of effectiveness and efficiency. One of the leaders in providing intelligent on-demand workplace management solutions that help customers manage their facilities, PeopleCube solutions minimize real estate, meeting services, travel, and energy costs based on actual workspace usage. PeopleCube supports 7,500 Clients in small, medium, and large enterprises around the world. With this acquisition, Asure becomes the leading global provider of workspace management solutions.
On July 3, 2012, Asure Software entered into a stock purchase agreement to acquire PeopleCube for a combination of cash and stock. The purchase price was composed of $9.8 million cash paid at closing; a $3 million, two-year seller's note; and the issuance of 255,000 shares of common stock, representing just under five percent of Asure's outstanding shares. Asure financed the deal via a new debt financing facility with further details of the acquisition and financing facility to be detailed in Asure's 8K (to be filed shortly). In addition to funding the acquisition, the new facility allowed Asure to re-finance certain of its existing debt.
- Gladstone Investment Corporation (Nasdaq: GAIN) invested $22.5 million through a combination of debt and equity in Ginsey Holdings, Inc., dba Ginsey Home Solutions.
Gladstone Investment, together with certain members of Ginsey's executive management team, provided the capital to support the recapitalization and change of ownership of the business.
Ginsey designs and markets a broad line of branded juvenile and adult bath products.
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